Medtronic completes acquisition of Kanghui

Medtronic Inc. has completed its acquisition of China Kanghui Holdings, a provider of orthopedic devices in China.According to a company press release, Medtronic paid approximately $816 million in cash under the terms of the agreement announced on Sept. 27. The total value of the transaction, net of Kanghui’s cash, is expected to be approximately $755 million. The transaction was approved by Kanghui’s shareholders, and all of the other conditions to the completion of the transaction have been satisfied.
“The integration of Kanghui provides Medtronic a strong position in China’s rapidly expanding orthopedics segment, as well as a high potential platform for development of a global value segment in orthopedics,” Chris O’Connell, executive vice president and president of Medtronic’s Restorative Therapies Group, including the Spine, Neuromodulation, Diabetes and Surgical Technologies businesses, stated in the release.